Let's Talk Money

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MAKERS Money (< click to watch!) is a new weekly digital series produced by MAKERS and Yahoo Finance that will show women how to achieve one goal: To "live the most badass life possible."
Hosted by Co-Founder and CEO of Ellevest, Sallie Krawcheck, MAKERS Money will help women learn how to invest, ask for a raise, save for retirement and manage your career. 

The Latinista founder Yai Vargas sat down with Sallie Krawcheck to discuss money, The Latinista and  the fact that women don’t invest as much as men do. 

“Money is power. Money evens the playing field for us as women. Money is knowledge. Money is confidence. Money is freedom. Money is, ‘Take this job and shove it,’” Krawcheck says. “And ladies, we don’t have as much money as the guys do. We not only earn less, [but] we also invest less,” says Sallie Krawcheck, CEO and Founder of Ellevest, an investing platform for women. The Latinista founder, Yai Vargas was recently featured on the new financial series “MAKERS Money” on Yahoo finance, hosted by Krawcheck to discuss “money,” a topic that seems to be at the very bottom of women’s priority list.  
 
“When is the last time you sat down with a friend over drinks, and talked about money, Sallie asked. “Gosh, never,” our founder replied. Women talk about everything else, from sex, to relationships, to children, to fashion, but we do not talk about money. We are our limiting our financial potential by not investing in our time into learning about key money growing generators, investments being one of them.
 
Are women investing? What is the number one barrier to investing for women?  Krawcheck posed to Yai. “Sadly, we aren’t. The number one barrier is fear, some women are so afraid to lose everything that they are afraid to play the game. Women think their cash is safer in the bank, where they can see it.” Yai, herself has been a victim to this very thing. “The stupidest money mistake I’ve made has been,“working so hard for my money and then keeping it in the bank. I’m one of those women.” According, to Krawcheck, we are losing 9.5 annual return of investment, by keeping our money in the bank. “If you have your money in the bank your earning close to nothing.”
 
How do we take action? How do we begin to have these conversations? Yai, created The Latinsta for this very purpose, “I wanted to create networks of strong, knowledgeable women, who know better than us, to teach us their ways and help encourage us to take leaps.” Ladies we need to start investing our money and exchanging financial knowledge, so we can really even out the playing field. “The smartest thing I ever did was sit in front of professional to help me understand and manage my money. I sat next to someone and said teach me. I’m all ears,” Yai highlighted.

Check out the latest article on the Investing Gap and how it affects women.

We Are One of Many

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"Behind every successful woman is a tribe of other successful women, who have their back."

This past week at the Ellevate: Challenges Facing Women of Color Today and in the Future event, I was humbled to sit in a room full of women who have this exact philosophy both personally and professionally. I listened to four women in leadership (Leliani Brown, Yai Vargas, Jennefer Witter, and Minda Harts), who spoke to their shared and unshared experiences. These women bravely and openly discussed the biases and barriers they’ve faced in the workplace not only as women, but as women of color. We all sat as one, nodding our heads in agreement, actively listening, and even laughing uncomfortably at the audacious situations women have had to face.

“Women of color are massively under-represented (and underpaid) in leadership, the executive suites, and on boards - not to mention their experiences are mostly overlooked in modern literature on women and leadership.”

Read that out loud, and take that in, not only are we under-represented, but overlooked! Yet, by 2060 we will be the majority in the workplace. As, I read that quote in the overview of the event before I attended, I grew angry yet felt empowered. I felt empowered because I know that I am not the only one. I am one of many women of color who feel a responsibility to take action for the sake of the future generations of women. Most importantly, I am one of many who want to ensure that we continue to have a shared voice.  

The question during this discussion became how do we do this? How do we take action ? How do we stimulate change rather than appear to be gripe? How do we support one another? The simple answer and the consistent one across the board for each of our panelist was “each other”, use each other for help, use each other to dissect and reflect, use each other to learn from, use each other to motivate, and use each other as allies. There was not one response that was shared by our panelists that didn't include others in their responses.

“Include allies in the conversations. Bring people into the mix. Inclusion.” Yai Vargas.
“Have alliances,  workplace alliances. Strong alliances are important.” Minda Harts

“I've had a number of mentors and sponsors either appointed to me by my company, or those who came organically.  It’s really important to have champions, not necessarily people who have the power to get you a bump in a position or raise in salary, but someone who is going to be your champion who could keep you motivated and keep you going. I’ve surrounded myself with a lot of great champions who I could turn to and ask am I doing this right, am I crazy?” Yai Vargas

“Have a champion who is in a position to help you. A high level champion, a sponsor who can push you along and is in a position to support you, promote you and advocate for you, and have a number of those. We are not suggesting everyone can be in your cheerleading squad, but you want the high level sponsor and champion to help you along.” Leliani Brown
“Never stop networking, whether out of college or a 50 year old woman, you always need to network. Develop your own personal brand, so when people think about a great social media person or HR person they will think of you immediately. Build the brand and continue to adapt the brand to keep it fresh. An effective personal brand and network to help you get through the door.” Jennefer Wetter
“We need to own ambition. Tell people who we are versus having them tell us who we are. No one will know what you want until you tell them.” Leliani Brown.
“Make professional development your own responsibility, don’t necessarily put an increase in salary or promotion on your manager. Set up your own goals.” Yai Vargas  

The key thing to overcoming the challenges that women of color face in the workplace will continue to be the need for support from “others”, no matter what experience, race, ethnicity, sex, age, job role, etc. We need humanity! We need humans to remember that we are in this together! We need the collective fight and the empathy of others. We can’t do this alone. There is so much left for us to accomplish, and while our voices have been louder than ever, they need to continue to be heard.

I challenge you, whether you’re a woman of color, or an ally, to be a part of the conversation, be someone who mentors someone else, be a part of someones growing network, be someone's champion and remember that our future generations depend on us to “move the needle” to inspire, and create change. This isn't a one person job, it’s “our job.”

Written by Cindy Cabral, Storyteller.

“Shifting Career Dreams and Purpose” Featuring Cessie Cerrato

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"One belongs to New York instantly, one belongs to it as much in five minutes as in five years."

Cuban American, Cessie Cerrato, has been living and breathing the New York City dream for the past three years. Not only did she leave her native city of Miami to take on the Big Apple, but she has truly embodied what it means to shift your dreams and purpose and still make it out alive and kicking. From a young age, Cessie always wanted to be on television, specifically as a news reporter. She attended the University of Florida’s College of Journalism and Communications, and truly believed that it was her calling, but as most of you know life happens and dreams change.

“I had an epiphany, while I was covering a story I wasn’t passionate about for a small local station I was working with and I realized, I wasn’t in love with the industry as a whole, only party of it. And an industry like that, you’re either all in, or you’re not. I didn’t love what I was doing.”

We could all relate to this in some shape or form. We have all had a moment in time where we felt like “this is not for me.” The reality is that it’s okay to leave a career when you don’t love it anymore and it’s okay to leave all you’ve ever known because perceptions change. Cessie did just that! She took a life experience, and used it as her fuel to look deeper in herself to figure out what she wanted and how she was going to get it. “I started to think about who I was and what I was good at and thought I’m a people person. I’m sociable. I love to travel, I love telling a story, and I am passionate about connecting- so I decided to try public relations.”

She started working in PR at small media agencies which translated to opportunities in the hospitality and luxury travel industry that ultimately landed her an opportunity with Palace Resorts. Seven years later, her successes and performance within the company granted her the opportunity to leave Miami and work remotely from NYC.

“It was always my dream to live in New York City and my hard work spoke to my abilities to be able to do my job remotely. After all, New York City is the center of the universe when it comes to media, it all happens here first.”

Cessie currently serves as the Senior Director of Public Relations where she has the opportunity to do the things she loves: promote the luxury & hospitality industry, travel, network, connect people and bring stories to life.

She has visited numerous major cities, met great people, been a part of some huge global hospitality ventures, but most importantly, learned that while her work progression is important she wants to continue to give back to her community. Cessie mentioned that while she worked hard to get to where she is, she recognizes that there were significant people who helped her along the way and in return she hopes do the same for others.  “I’ve had awful bosses, the kinds that show you what you never want to be. And then the rare kinds that take the time to grow you, while mentoring you and help you achieve greatness. Both are essential in the journey, because each teach you invaluable lessons. I want to do the same for others, because I think there is a huge gap in the role that women play when it comes to helping each other, versus competing against each other. I currently serve as mentor for the PRSA NY chapter and I am supporting them with “Dress for Success” initiatives.

"My future in NYC is an blank canvas really, the opportunities are endless.”

Cessie is continuing to explore all that NYC has to offer and is doing it fabulously. You can check out her NYC adventures on her blog where she is highlighting her journey, while continuing to dedicate herself to growing professionally and personally. Cessie has learned that while NYC can be challenging, (and the city is painfully expensive), there is nowhere else she’d rather be.

"NYC has something in the air that makes you want to hustle harder. The hustle is real."

Written by Cindy Cabral, storyteller.